Country Analysts

Francisco de Paula Gutiérrez
Former Finance Minister and Central Bank President
Felix Delgado
General Manager, Central Bank

In The News


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Recent Country Insights

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Costa Rica: Two cheers for fiscal reform
CENTRAL AMERICA - Report 27 Dec 2018
Executive SummaryCosta Rica’s significant political step, of congressional approval of the fiscal reform package, has generated mixed results. It brought some calm and lowered uncertainty, by building up confidence in the political system’s capacity to make decisions, even when unpopular measures...

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Fiscal reform in Costa Rica at last
CENTRAL AMERICA - Report 04 Dec 2018
After almost two decades discussing fiscal reform in Costa Rica, yesterday, December 3, 2018, Congress finally approved the law in the second lecture, with 34 votes in favor and 17 against. The new law was sanctioned the same day by President Carlos Alvarado and Minister of Finance Rocio Aguilar....

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Costa Rica: Constitutional Court approves fiscal reform package
CENTRAL AMERICA - Report 28 Nov 2018
Executive SummaryCosta Rica’s Constitutional Court on November 23 unanimously green-lighted the fiscal reform package. The decision came after a public service workers' strike, and more than a year of discussions. The Supreme Court had indicated that the plan, approved by the Legislative Assembly...

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Costa Rica: Green light from Constitutional Court
CENTRAL AMERICA - Report 26 Nov 2018
On Friday, November 23rd, the Constitutional Court (“Sala IV”) gave green light to the fiscal reform package with a unanimous 7-0 vote. The decision came after a public service workers general strike and more than one-year discussions on the project. It also came after the Supreme Court indicated...

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Costa Rica: Interest rate adjustments. Right direction, but “too little…too late”
CENTRAL AMERICA - In Brief 02 Nov 2018
On Wednesday October 31st, The Central Bank increased its whole spectrum of interest rates, in order to tackle two different, although related, problems. In doing so, the Bank´s president Rodrigo Cubero reaffirmed the control of inflation as the main objective of its policy under the current infl...

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Dismal news
CENTRAL AMERICA - Report 31 Oct 2018 1 response
Executive Summary Worrying economic news continues in Costa Rica. Unlike what we’ve highlighted in previous reports, negative trends now dominate short-term economic indicator trends: we’re seeing a slowdown in economic activity, merchandise and services exports, credit to the private sector and ...

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COSTA RICA: Fiscal Reform Bill advances in congress
CENTRAL AMERICA - Report 08 Oct 2018 1 response
Despite the turbulence of a widespread strike called since September 10thby several public sector unions, demanding the withdrawal of the fiscal reform bill, the Congress continued its discussion and approved it, by a 35-22 vote, in the first reading on Friday October 5th, 2018. The legislative p...

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El Salvador: Growth and inflation at status quo
CENTRAL AMERICA - Report 26 Sep 2018
Executive SummaryEl Salvador’s revised short-term economic outlook for 2018-2019 was unsurprising, with only minor changes in key or sensitive macroeconomic indicators. We reaffirm our prediction for real GDP growth of 2.2% y/y in 2018, and 2.4% in 2019. We are also maintaining our inflation fore...

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Guatemala: In a poverty trap
CENTRAL AMERICA - Report 28 Aug 2018
Executive Summary Our revised 2018-2019 outlook for Guatemala has the same characteristics as our outlook of last March: Slow growth, relatively low inflation and depreciation, a moderate fiscal deficit, government debt below 25% of nominal GDP and monetary control. The outlook calls for GDP grow...